30 Oct Bluerock Sells The Stratford in San Antonio, Texas
Bluerock Real Estate, LLC is announcing the sale of The Stratford apartments in San Antonio, Texas, a 269-unit apartment community acquired in December, 2008. The Property was purchased in a joint venture with The Lynd Company, as part of a three-property Texas portfolio acquired from a publicly traded REIT. The portfolio was acquired in the immediate aftermath of the market meltdown in 2008. The sale of The Stratford completes the roundtrip acquisition and disposition of the entire portfolio.
“We made the investment when the capital markets were severely dislocated, which took conviction, but we recognized that the longer term prospects for the underlying real estate were fundamentally sound,” said James Babb, Bluerock Senior Managing Director and Chief Investment Officer. “This property is very much a story of good relationships and good timing. We believed that we could very likely see a significant uptick in value within a few years, and this has, in fact, been the case.”
Lynd Company, the 34th largest apartment manager in the US, managed the property on behalf of the partnership. This is in keeping with Bluerock’s strategy, which is to invest with local owner operating partners who deliver significant market knowledge and proven execution capability, the company said.
About Bluerock Real Estate
Bluerock Real Estate is a national real estate investment firm headquartered in Manhattan which was founded to provide institutional quality real estate investment products for the individual investor. Bluerock principals have over 80 years aggregate experience and have transacted on over 30 million square feet and $6 billion in acquisitions, primarily on behalf of leading U.S. institutional investors. Bluerock currently focuses on acquiring, managing, and developing stabilized, value-added, and opportunistic multifamily and office properties throughout the United States.